Independence Day
Suze Orman sent me an email asking if I am striving for my own personal financial independence this July 4th.
When you joined the Save Yourself movement, you also made a declaration. You said to yourself: “I own the power to control my destiny.” Now I ask you: What action have you taken lately to fulfill your goals?* How close are you to paying off those
credit cards?* Do you have an eight-month emergency fund?
* Have you opened a Roth IRA?
Use this Independence Day to recommit to your financial freedom.
Well, I did join the Save Yourself Movement by opening my own account.
But, I am overwhelmed by the magnitude of mutual funds there are to choose from and the steep arch of the learning curve to figure out the right one/ones to choose.
How are the rest of you handling your own economic independence?
Tell your husband you want to open your own emergency savings account. What’s a 4th of July without fireworks anyway?
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POSTED IN: Fabulous Mars & Venus, Fabulously Cheap
12 opinions for Independence Day
Rebecca
Jul 4, 2008 at 8:46 am
Ummm, I haven’t done it yet; but you’ve inspired me. Thanks.
Rebecca
Jul 7, 2008 at 8:22 am
Different Rebecca. I’m not really a fan of the idea of an individual savings account if it’s a secret or if it’s viewed as a safety net for divorce. The true safety net is having a means to support yourself no matter what. I think this is the point of Feminine Mistake, right?
Tracee Sioux
Jul 7, 2008 at 8:35 am
Suze Orman’s position, in Women & Money, on mothers working is different than Leslie Bennetts’, The Feminine Mistake.
Because of the cost of childcare and the cost of working, it’s not necessarily the best financial decision for women to keep working while children are very young, Orman says.
IF women WANT to take time to stay at home with small children, Orman supports that.
However, if you choose to stay home with children, you should have an emergency fund so you do not become trapped and unable to leave a marriage if things go bad. You should also face reality that 50% of marriages end in divorce and wives can’t control whether husbands stay or leave.
Orman encourages all women to have an Emergency Fund.
Rebecca
Jul 7, 2008 at 8:42 am
Stay at home moms should also be saving for retirement rather than depending on their husbands to financially support them the rest of their lives.
Thrifty Karen
Jul 7, 2008 at 12:11 pm
We took Dave Ramsey’s financial peace classes last Feb and March. It was great! We immediately saved the first $1,000 and then paid off about $13,000+ in debt. Then we began saving for the emergency living expenses account. My husband has been laid off for quite a while this year and we still have most of that money in the bank. It’s incredible!!!! God has provided so much for us.
Tracee Sioux
Jul 7, 2008 at 12:15 pm
It really is a good class. You guys really rocked it out Karen! Sorry to hear about your husband’s job. That is rough.
Thrifty Karen
Jul 7, 2008 at 12:35 pm
Yes, we made great progress, especially considering our annual income. My husband is a man of many hobbies, so he has been busy selling his toys. That contributed a lot to paying off debt. In the past month he has sold a bunch of his car parts, motorcycle parts, and other junk from our basement. One time we had a friend that came over and said our basement looked like an ebay store. It’s kind of embarrassing, but good too. I’ve been using almost off of my blogging money for savings. I tried to put it into savings without even thinking about it. If you put it into your checking account, it’s more likely to get spent.
Tracee Sioux
Jul 7, 2008 at 1:04 pm
Boy is that the truth.
Immediately move money you don’t want to spend from the checking.
We even use fictional accounts on Money so it appears that money isn’t in our checking account. So, like if the money if for a “new car fund” or a “charitable donation fund” even though we don’t have an actual separate bank account we “move” the money in the Money program.
Do you follow?
Rebecca
Jul 7, 2008 at 1:10 pm
We did something very similar Tracee altho we don’t use Microsoft Money. There’s quite a few things we picked up from reading Dave Ramsey’s book that have made life much easier and less stressful.
Tracee Sioux
Jul 7, 2008 at 1:23 pm
My SIL just told me this weekend that her family blew through their whole $1,800 Economic Stimulus Fund because they just left it in checking. Gas and groceries went up.
Gotta move it. Gotta earmark it. Make sure it goes where you want it to go.
Thrifty Karen
Jul 7, 2008 at 1:45 pm
Yep, if it’s sitting in checking it will get spent. It’s better to put it in savings and then transfer it if you have to. If you don’t see it there though, you’ll be more likely to watch your spending. Besides, I’d rather pay my credit union a 50 cent transfer fee than blow through $200 that’s just sitting around.
Tracee Sioux
Jul 7, 2008 at 2:09 pm
ING - no fees. Ever. Transfer back and forth all day long.
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